Obama Sends Dow Over 10,000!! All Hail Obama!!

[Cap'n Cat]

http://www.msnbc.msn.com/id/3683270/ns/ ... d_economy/




The milestone caps a stunning 53 percent comeback for the Dow since early March (Coincidence? I think not!!!) , when stocks were at their lowest levels in more than a decade.


"It's almost like an announcement that the bear market is over," said Arthur Hogan, chief market analyst at Jefferies & Co. in Boston. "That is an eye-opener — 'Hey, you know what, things must be getting better because the Dow is over 10,000.'"

Cheers went up briefly when the Dow eclipsed the milestone in the early afternoon, during a daylong rally driven by encouraging earnings reports from Intel Corp. and JPMorgan Chase & Co. The average closed at 10,015.86, up 144.80 points.

It was the first time the Dow had touched 10,000 since October 2008, that time on the way down. (Dubya)

"I think there were times when we were in the deep part of the trough there back in the springtime when it felt like we'd never get back to this level," said Bernie McSherry, senior vice president of strategic initiatives at Cuttone & Co.


Obama, Obama, Obama, Obama!!!





You're welcome, Conks!!!!!!

[wideright82]

Cleets, break out my post on AGS about when we'd be outta this (circa February or March). I think it's clear I am the prophet.... so.... yah.... sorry Cap

[Cap'n Cat]

All further proof that He is "God"!!!


Conks'll continue to cuss him out even as their portfolios start to swell again to their pre-Cheney levels.

[Cleets Part 2]

Cleets, break out my post on AGS about when we'd be outta this (circa February or March). I think it's clear I am the prophet.... so.... yah.... sorry Cap

You are correct sir..!!!
(You're still a Douche Nozzle)

[JoltinJoe]

Cleets, break out my post on AGS about when we'd be outta this (circa February or March). I think it's clear I am the prophet.... so.... yah.... sorry Cap

You are correct sir..!!!
(You're still a Douche Nozzle)

The recession may be over, but the recovery will be slow. It will be at least three years before unemployment sinks below 6% again.

[wideright82]

You are correct sir..!!!
(You're still a Douche Nozzle)

The recession may be over, but the recovery will be slow. It will be at least three years before unemployment sinks below 6% again.

deja vu?

[Cap'n Cat]

You are correct sir..!!!
(You're still a Douche Nozzle)

The recession may be over, but the recovery will be slow. It will be at least three years before unemployment sinks below 6% again.

I'm thinking 1.5 years, Joe, but good point. There is a lot of pent up demand.

[JoltinJoe]

The recession may be over, but the recovery will be slow. It will be at least three years before unemployment sinks below 6% again.

I'm thinking 1.5 years, Joe, but good point. There is a lot of pent up demand.

Not that I blame Obama for this. He did what he had to do to stabilize the near disaster (and that's not hyberbole) he inherited. Now if he can start shrinking the federal budget deficits, and get us to the point within the next seven years that we are showing surpluses, and paying down the national debt, he will be rightly regarded as one of the truly great presidents.

I held out hope for our last president, especially because of the spectacularly difficult challenges he faced. In the end, he disappointed us. But I think Obama, despite his bigger government outlook, is too smart to stay wedded to an outlook which will continue to fund our present lifestyle on the backs of wages yet to be earned by our chidlren.

Our national debt is approaching $12 trillion. Every man, woman, and child in the United States owes about $35,000 of that.

[Cleets Part 2]

Our national debt is approaching $12 trillion. Every man, woman, and child in the United States owes about $35,000 of that.

Well lets see... Oh.!
$35,000 you say - I just happen to have that right here - Okay, can I go now...

[JMU DJ]

The recession may be over, but the recovery will be slow. It will be at least three years before unemployment sinks below 6% again.

I'm thinking 1.5 years, Joe, but good point. There is a lot of pent up demand.

DJ approves the Cappy's message on when the job market will recover. Right around the time when I should be getting out of here with the Ph.D. papers..... hopefully

[wideright82]

I'm thinking 1.5 years, Joe, but good point. There is a lot of pent up demand.

DJ approves the Cappy's message on when the job market will recover. Right around the time when I should be getting out of here with the Ph.D. papers..... hopefully

I think you'll be fine. I think Cap really isn't saying anything much different than Joe. Unemployment will more than likely continue to rise until it is at about 10% and the projected 12% seems unlikely (that I think will take about a year or so). I think then it will start falling and probably, IMHO, reach around par (5%) by about 2013.

[JoltinJoe]

Our national debt is approaching $12 trillion. Every man, woman, and child in the United States owes about $35,000 of that.

Well lets see... Oh.!
$35,000 you say - I just happen to have that right here - Okay, can I go now...

Not yet. I sense in your response some notion that you don't really owe that, or that you will never have to really pay that.

But that is probably wrong. Although the US deficit is calculated at $12 trillion, it should be noted that the government does not account according to generally accepted accounting principles -- specifically it does not accrue future liabilities (like the social security payments it has promised to us). For example, a business which has a pension plan must accrue and account for those future liabilities on its current statement of liabilities under GAAP. If the government were to report as per GAAP, our deficit would probably be closer to $60 trillion, and the US government would be deemed to be insolvent.

In light of this, I wouldn't actually count on the social security payments you have been promised; and if that comes to pass, you will pay down the deficit ,in a material and tangible way, directly out of your own pocket. It bears repeating that while the government has promised you this money (you've paid it in, right?), it has not booked or accounted for it yet.

[Pwns]

Yay for all the super-rich who have fortunes in the stock market!

How's the 'ole dollar doing? And the unemployment rate?

[Cleets Part 2]

Well lets see... Oh.!
$35,000 you say - I just happen to have that right here - Okay, can I go now...

Not yet. I sense in your response some notion that you don't really owe that, or that you will never have to really pay that.

But that is probably wrong. Although the US deficit is calculated at $12 trillion, it should be noted that the government does not account according to generally accepted accounting principles -- specifically it does not accrue future liabilities (like the social security payments it has promised to us). For example, a business which has a pension plan must accrue and account for those future liabilities on its current statement of liabilities under GAAP. If the government were to report as per GAAP, our deficit would probably be closer to $60 trillion, and the US government would be deemed to be insolvent.

In light of this, I wouldn't actually count on the social security payments you have been promised; and if that comes to pass, you will pay down the deficit ,in a material and tangible way, directly out of your own pocket. It bears repeating that while the government has promised you this money (you've paid it in, right?), it has not booked or accounted for it yet.

Joe,
Never forget that I am just a sarcastic bozo the clown...
I will likely pay a hell of a lot more than $35K by the time this is all over - I agree with you there

[Skjellyfetti]

Conks better hope the economy does terrible.



Reagan's approval ratings crashed harder than Obama's until the economy recovered.

[AZGrizFan]

Conks better hope the economy does terrible.



Reagan's approval ratings crashed harder than Obama's until the economy recovered.

Sorry, I'd rather have a booming economy. Unlike donks, we're not that shallow.

[OSBF]

In light of this, I wouldn't actually count on the social security payments you have been promised; and if that comes to pass, you will pay down the deficit ,in a material and tangible way, directly out of your own pocket. It bears repeating that while the government has promised you this money (you've paid it in, right?), it has not booked or accounted for it yet.

i just don't believe that ss will go belly up

I understand that FDR never intended for SS to be a sole source of retirement security, it was supposed to be a supplement. However, the fact is that SS is the only retirement plan that many low/middle income folks have. As a society I hope we have enough compassion, decency, and value human rights highly enough not to force millions of American Citizens to take up residence in a Maytag box down by the river.

[Rob Iola]

Quick!!! Award Obama the Nobel Prize in Economics! Oh wait, it's already been awarded? Well shit then, send Rahm to fuck 'em up and get it back - it clearly belongs on Obama's mantle next to the Piss, er, Peace Prize...

[Cap'n Cat]

Conks better hope the economy does terrible.



Reagan's approval ratings crashed harder than Obama's until the economy recovered.

Sorry, I'd rather have a booming economy. Unlike donks, we're not that shallow.

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[AZGrizFan]

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Try and keep up. I'm not talking about our POLITICIANS. I'm talking about us salt-of-the-earth types.